Discover below everything you need to know to choose the best type of mortgage loan according to your requirements.
Buying real estate will always be one of the best investments anyone can make in life. For this purpose, many people choose a mortgage loan that meets their needs and expectations. Discover below the definitive guide to mortgage loans in Mexico and find your ideal home at the best price.
A mortgage loan in Mexico is a financing alternative to buy, build or remodel a property with different payment schemes . This type of loan can also work to buy land.
The terms of credit in Mexico to buy or remodel a property commonly range between 10 and 20 years, although every day there are more and more modalities below and above those ranges. This responds to the financial situation of the entire population.
The interested party must make a down payment at the beginning in order to be able to acquire the loan. This down payment can range from 10% to 30%.
During the process it is important to have more capital to cover additional expenses.
Amount charged for the opening of a loan.
This amount is a substitution for the loan origination fee, i.e., both may not be required on the same application. The main difference is that it is charged periodically and not in a single exhibition.
Expenses to be covered with the financial institution during the investigation process for credit authorization.
Also known as a balance certificate, it is a fee corresponding to the issuance of the balance statement.
These are commissions derived from the partial (unsettled) or total payment of the loan (full settlement). Few credit schemes currently charge this fee.
Charge generated by the late payment of an agreed monthly payment, but before the next cut-off date.
Commission charged when the required payment is not made in the corresponding period.
In addition to these commissions, you will also find other types of additional payments such as deeds, notary fees and insurance. These amounts may be included in the loan application with their corresponding interest, however, each institution or bank may handle them differently. It is necessary to clarify this information with the advisor accompanying you in the process.
In addition, it is essential to comply with the basic requirements for the approval of a mortgage loan. As are:
Currently there are 6 types of mortgage loans that you can apply for according to your objectives:
It is used for the purchase of a new or used property.
This type of credit is used to obtain financial liquidity and cover a need other than the purchase of a property. This requires the applicant to pledge a property in his or her name as collateral to secure the loan.
Changing a mortgage from one bank to another is possible, and this is important to know because you can make this adjustment according to your future needs. Bank 2 can issue a loan to pay off your mortgage with bank 1. This is recommended when you find an opportunity where commissions, insurance and interest rates are better.
On the other hand, there are loans linked to mortgage loans. Estas pueden ser solicitadas para hacer mejoras a la propiedad o simplemente para obtener liquidez en ese momento.
This type of credit is requested to build a property on a plot of land.
This type of loan makes it possible to acquire the land on which you want to build a house.
There is an option where the credit for the land and the credit for the construction can be combined in the same operation.
The purpose of this loan is to make improvements to a property.
The cost of a mortgage loan depends on the total amount requested, down payment, terms to be paid, interest rate, commissions and insurance. Generally, as with other types of credit, a shorter term with a low interest rate will lower the total cost of a loan when it is paid off.
Some banks and institutions allow the integration of commissions and insurance costs to the total credit application. For this reason it is important to know the CAT (Total Annual Cost) of the credit, which will allow you to know the factors that affect the total value.
Keep in mind that a mortgage loan is secured by the property or land acquired. Therefore, in the event that the holder stops paying the loan, the bank or institution may claim the property to partially or totally cover the amount of the financing
With each passing day, banks are offering better interest rates for the purchase of a property through a mortgage. In this scenario we can see historical rates of up to 7.7%. Banks can issue terms from 5 to 35 years, and can issue loans of up to 20 million pesos
There are also institutions aimed at enabling part of the population to acquire their own home, among which we can find Infonavit and Fovissste, whose payment methods are linked to other tipos de organizaciones como el IMSS.
There is a third scenario where payment agreements are made directly with the real estate developer of the property in schemes of 6 to 24 months . Either in a pre-sale or immediate delivery mode.
The choice of mortgage loan will depend on the type of property and/or operation you want to carry out, as well as the total value of the loan, terms and down payment you have. Below we explain each of the concepts that you should understand perfectly.
Cost to be paid according to the amount requested. Remember to check the type of interest rate that the scheme handles, it can be fixed, variable, capped variable and mixed.
As with a credit card, the CAT is the total annual percentage rate that includes most of the expenses involved in the credit: interest, commissions and insurance.
Not all mortgage loans are made in local currency, some can be requested in other units of value such as VSM (Minimum Wage) or UDIs (Investment Units).
Basically, it is the amount of money the financial institution can lend you in proportion to the value of the property. In general, the appraisal is 80% of the value of the property.
This concept refers to payments made directly to the principal without considering interest.
This is the maximum time you will have to pay according to the payment schedule provided by the institution.
Always remember to ask for this information during negotiations. This concept contains the information on how much the credit will cost you in pesos and cents.
At Nolab we hope this information will be of great help in choosing the best option for the investment of your assets. Remember that we have properties in the best areas of the CDMX and the best destinations in the world in the United States and Europe. Contact us atOne of our advisors is available to provide you with all the information you need.
Source: Banxico, Condusef
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Alfredo Obregón is the co-founder and CEO of Nolab, a real estate platform focused on investment, sales, and property management across international markets.
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